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accounts37
March 22, 2019
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I take drawings instead of wages so what category do i put this under ?

  • March 22, 2019
  • 1 reply
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Best answer by Rustler

Owner equity draw

 

For a company taxed as a sole trader, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

1 reply

Rustler
RustlerAnswer
March 22, 2019

Owner equity draw

 

For a company taxed as a sole trader, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

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